What Will Commercial Boiler Market Look Like In The Future?
Commercial Boiler
Commercial Boiler Market is projected to exceed USD 2.8 billion by 2030
OREGON, PORTLAND, UNITED STATES, June 30, 2023/EINPresswire.com/ --
The global commercial boiler market1 size was valued at $1.9 billion in 2020, and is projected to reach $2.8 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030.
A commercial boiler is a heating system specifically designed for larger-scale commercial or industrial buildings to provide heat and hot water. Commercial boilers are more powerful and have higher capacity compared to residential boilers, as they need to meet the heating demands of larger spaces, such as office buildings, hotels, hospitals, manufacturing facilities, or apartment complexes.
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Energy efficiency is an important consideration for commercial boilers, as it can significantly impact operational costs and environmental sustainability. High-efficiency boilers incorporate advanced technologies, such as condensing heat exchangers, to extract more heat from the combustion process and reduce energy waste. Look for boilers with high Annual Fuel Utilization Efficiency (AFUE) or thermal efficiency ratings.
The major companies profiled in this commercial boiler market include A.O. Smith Corporation, Bosch Thermotechnology, Cochran Limited, Cleaver-Brooks, Fulton Boiler Company, Parker Boiler, Slant/Fin Corporation, Superior Boiler Works, Inc., Vaillant Group, and Weil-McLain.
Commercial boilers often come with advanced control systems and automation features. These controls allow for precise temperature and pressure management, sequencing multiple boilers, and optimizing energy usage based on demand. They can enhance energy efficiency, reduce operating costs, and provide remote monitoring and diagnostics capabilities.
Surge in emphasis on reducing greenhouse gas (GHG) emissions, as well as the enactment and strengthening of emission limits, are some of the major drivers driving the demand for energy efficient commercial boilers.
Asia-Pacific commercial boiler market is projected to grow at the highest CAGR of nearly 6.1%, in terms of revenue, during the forecast period.
The commercial boiler market in the Europe is projected to be driven by a growing preference for environmentally friendly energy products, which is in line with legislation aimed at reducing carbon emissions.
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Commercial boilers are available in a wide range of sizes and capacities to accommodate the heating needs of different commercial buildings. They are typically larger and more powerful than residential boilers, with higher heating outputs measured in British Thermal Units (BTUs) per hour or kilowatts (kW).
By technology, the non-condensing commercial boiler market is anticipated to witness robust growth subject to government mandates to reduce the greenhouse gas emissions.
By fuel type, the commercial boiler market is divided into oil, natural gas, coal, and others. Natural gas consumption has increased in comparison to other fuels as a result of the government's priority of natural gas, which has resulted in a rise in demand for natural gas in commercial boilers.
By capacity, the market is divided into less than 10 MMBtu/hr, 10-50 MMBtu/hr, 50-100 MMBtu/hr, 100-250 MMBtu/hr, and more than 250 MMBtu/hr. The less than 10 MMBtu/hr segment held the largest market share in 2020. These products are widely deployed across offices, retail stores, healthcare and lodging for heating applications.
By end user, the commercial boiler market for hospitals is anticipated to witness a strong growth on account of growing demand for hot water for sterilization of medical instruments, sheets and for space heating.
Impact Of COVID-19
Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, Norway, and others. Many industries have been shut down due to lack of raw material availability and disruptions in the supply chain, owing to the virus outbreak. The worldwide lockdown has suspended the activities of educational institutions and lodging and many other sectors, which results in declining the demand for commercial boiler.
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Gaps in demand-supply, price volatility, and changes in government policy affect the growth of various end-use industries. In terms of its immediate and long-term effect on industry and consumers, the COVID-19 pandemic has outpaced any headwind ever encountered. The world economy of commercial boiler industries has been experiencing a rapid slowdown due to the constraints of the COVID-19 pandemic on economic activity.
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David Correa
Allied Analytics LLP
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1 https://www.alliedmarketresearch.com/commercial-boiler-market-A11657
2 https://www.alliedmarketresearch.com/commercial-water-heater-market-A53707
3 https://www.alliedmarketresearch.com/steam-turbine-mro-market-A15867
